Kemira sells formic acid business to Taminco, will focus on water chemicals

7:51 AM MST | December 23, 2013 | Natasha Alperowicz

Kemira says it signed an agreement today to sell its formic acid business, including the feed and the airport runway deicing product lines, part of Kemira’s ChemSolutions segment, to Taminco (Allentown, PA) for €140 million ($191.5 million). The businesses sold had combined revenue of approximately €140 million in 2012. The deal includes a manufacturing asset for formic acid at Oulu, Finland, and approximately 160 employees will transfer to Taminco. Kemira is the second-largest formic acid producer in the world, behind BASF. The transaction is...